A FORMER currency broker was jailed for 20 months on Wednesday for selling fake US$50 (S$72) currency notes.

Alvin Yogaraj David, 37, had pleaded guilty last month to selling 294 pieces of counterfeit US$50 notes to accountant Ng Hwee Yan of The Esplanade Co at Esplanade Drive on Oct 9, 2006.

He also admitted to giving false information to a police officer at Commercial Affairs Department concerning the purported sale of US$22,000 to various customers on Aug 29 that year. He was given a concurrent two-week jail sentence on this charge.

It all arose when a man, believed to be an Indonesian, paid US$62,000 in US$50 bills for a S$96,720 diamond ring he bought at Lee Hwa Diamond Gallery at Changi Airport on Aug 10, 2006.

The next day, a Lee Hwa staff sold US$40,000 to a moneychanger and US$22,000 to David for Singapore currency notes.

The moneychanger who sold the notes to a bank was later informed that all the notes were fake.

David who had been doing business with The Esplanade since 2004 sold most of the US currency notes to the company.

The Esplanade Co in turn passed US$34,840 worth of currency notes bought from David to the agent of Boris Eifman Ballet Group as artiste fees and per diem allowances.

The 56-member performance group from St Petersburg was engaged to perform in Singapore.

Three Russian guests exchanged three pieces of US currency notes for local currency notes at The Oriental Hotel. When the hotel staff went to its moneychanger to sell the US currency, they were informed that all the US dollars were fake.

David was arrested on Oct 16 that year.

Defence lawyer Andy Yeo said his client, a father of two, was not part of any counterfeit currency syndicate nor did he get the currency with the intention of selling them to profit.

He said his client had made full restitution to The Esplanade.

Two other charges including one of carrying on a moneychanging business without a licence were taken into consideration.